Question 12 of 12 0.5 / 1 View Policies Show Attempt History Current Attempt in Progress Oriole Company's comparative balance sheets are presented below. Oriole Company Comparative Balance Sheets December 31 2022 Cash $ 15,000 Accounts receivable 21,300 Land 20,400 Buildings 70,100 Accumulated depreciation-buildings (15,000) Total $111,800 2021 $ 10,000 23,400 25,700 70,100 (10,900) $118,300 Accounts payable Common stock Retained earnings Total $ 12,400 74,000 25,400 $111,800 $ 30,600 70,400 17,300 $118,300 Additional information: 1. 2. Net income was $23.100. Dividends declared and paid were $15,000. No noncash investing and financing activities occurred during 2022. The land was sold for cash of $5,000. 3. (a) Your Answer Correct Answer Your answer is correct. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000, or in parenthesis e.g. (15,000).) Oriole Company Statement of Cash Flows - Indirect Method For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income $ 23100 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 4100 Loss on Disposal of Plant Assets 300 Decrease in Accounts Receivable 2100 Decrease in Accounts Payable -18200 - 11700 Net Cash Provided by Operating Activities 11400 Cash Flows from Investing Activities Sale of Land 5000 Net Cash Provided by Investing Activities 5000 Cash Flows from Financing Activities Payment of Dividends - 15000 Issuance of Common Stock 3600 Net Cash Used by Financing Activities - 11400 Net Increase in Cash 5000 Cash at Beginning of Period 10000 Cash at End of Period $ 15000 e Textbook and Media Solution Attempts: 3 of 3 used (b) Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Free cash flow $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit